Business
GB Sciences Partners with Wellcana Group, LLC. in the Development of Medical Cannabis in Louisiana
GB Sciences Partners with Wellcana Group, LLC. in the Development of Medical Cannabis in Louisiana.
About this update from Gb Sciences, Inc.
[{"type":"text","content":"\n\n\n\nGB Sciences Partners with Wellcana Group, LLC. in the Development of Medical Cannabis in Louisiana\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nGB Sciences Partners with Wellcana Group, LLC. in the Development of Medical Cannabis in Louisiana\nCanada NewsWire\nLAS VEGAS, Feb. 14, 2018\n\n\n\nGB Sciences Louisiana LLC. Will Operate One of Only Two Licenses Granted by the State of Louisiana under LSU Agricultural Center's Medical Cannabis License\n\n\n\nLAS VEGAS, Feb. 14, 2018 /CNW/ -- GB Sciences, Inc. (OTCQB: GBLX) and its wholly-owned subsidiary GB Sciences Louisiana, LLC. (GBSL) are pleased to announce the completion of a new agreement with Wellcana Group, LLC. (Wellcana) to work together on the previously announced initiative for the development of medical cannabis in Louisiana, a joint effort of the Louisiana State University AgCenter and GBSL, operating under the AgCenter's medical cannabis license, which is one of only two licenses granted by the State.\n\nThe terms of the agreement provide that Wellcana will buy 15% of the newly-issued equity of GBSL for $3 million.  Wellcana also has an option to purchase an additional 35% for an additional $7 million investment. This new influx of cash will enable GB Sciences to redirect financial resources already earmarked for the Louisiana project to other areas of operation and in other jurisdictions.  The new funds will be used to complete the construction of the Louisiana infrastructure, and for general corporate purposes. \n\nThis new agreement also furthers the goals of GB Sciences to bring strategic Louisiana investors into the project. Wellcana will have the right to appoint members to the Board, of which two shall be Louisiana residents.  \n\nGB Sciences CEO, John Poss, said \"Our intent has always been to bring Louisiana investors into our project. We are extremely fortunate to be partnering with Wellcana, an organization that shares our commitment to providing the highest quality medical cannabis to the patients of Louisiana. We could not be happier with this arrangement, in part beca...